Related Group is launching sales for a new luxury condo in the South of Fifth neighborhood of South Beach.
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| http://vipoceanrealty.com |
The Related Group's One Ocean project will have glass walls and sit at the corner of Ocean Drive and South Pointe Drive on Miami Beach.
Miami developer Jorge Perez unveiled his latest Miami Beach luxury condominium venture, One Ocean, in the red-hot South of Fifth neighborhood of South Beach with an average price of $1,400 per square foot.
The project, which will include two all-glass buildings rising seven stories, or 175 feet, will focus heavily on appealing to art aficionados.
Perez’s Related Group, based in Miami, plans to open a sales office at 91 Collins Avenue within weeks and certainly in time for Art Basel. Related Realty and Fortune International will oversee sales.
Perez himself — a prominent art collector who has pledged $40 million to the Miami Art Museum that will bear his name — plans to move to a penthouse unit at One Ocean, according to Oswaldo Betancourt, a vice president at Related who is the project manager.
“This is going to be our most unique building ever, the culmination of everything Related has done,” said Betancourt. “A unique boutique experience targeted to people who are very art-oriented. It will be a fusion of the ocean, architecture and art.”
The $40 million project will be at 1 Collins Avenue, currently a vacant lot at the corner of Ocean Drive and South Pointe Drive. The lot is on the west side of Ocean Drive across the street from Nikki Beach Club. It will include 50 units — 46 condominiums and four villas on the first floor, and will have commercial space separated from the residential area by a garden, Related said.
Each unit will have a private elevator, underground parking, and beach club privileges, among other amenities. A few will have a rooftop spa and solarium. The average size of a unit will be 3,000 square feet; prices will be $1,000 to $2,000 a square foot.
Mexican architect Enrique Norten, founder of TEN Arquitectos, is designing the project. Swiss landscape architect Enzo Enea is involved as are various artists such as Jose Bedia, Eugenio Cuttica, and Michelle Oka Doner and photographer Daniel Azouley.
Several other new luxury condos are planned for the South of Fifth neighborhood, according to Peter Zalewski, a principal at Condo Vultures, a Bal Harbour-based firm that closely tracks the South Florida condo market.
“South of Fifth is a very popular area for these luxury developments,” said Zalewski. “Developers want to take advantage of the demand for ultra luxury product for people who want to be near the circus [that is South Beach] but not in it.”
Related plans to use the same buyer-financing model it has relied on for recent projects. Buyers will be asked to pay 10 percent at the time of making a reservation and another 10 percent at contract signing; 20 percent at groundbreaking and 10 percent when the building is topped off.
A private event last week for “friends and brokers” already has resulted in 27 reservations, Betancourt said.
Miami Herald News!!
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Aldrich Mendal
Florida villas
anybody would love going there because the concept is very unique i thought so.It will be very delightful to have a stay there..
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